The average house price slipped by 0.3% in January, according to Halifax’s latest house price index, in signs that the property boom could be running out of steam. The building society’s figures marked the biggest monthly fall since April 2020, although typical house prices are still £13,000 higher than a year ago. Across the UK, average property values stood at £251,968 in January. This was a 5.4% annual increase, compared with January 2020. This also compared with 6.0% annual price growth recorded in December. “The average UK house price slipped by 0.3% in January, the biggest monthly fall since April last year. Whilst this pushed the typical property value down to its lowest level since October, at just under £252,000, prices are around £13,000 higher than a year ago,” commented Halifax managing director Russell Galley.
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